A putty-clay model with three factors of production and partly endogenous technical progress
A vintage model is presented that takes investment as exogenous. The model is intended to provide the capacity block of the Central Planning Bureau (CPB) long-term simulation model currently being formulated. Data are derived from: 1. a CPB Dutch annual model, and 2. energy statistics from European...
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| Veröffentlicht in: | De Economist (Netherlands) 1985-01, Vol.133 (3), p.327-351 |
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| creator | Gelauff, G. M. M. Wennekers, A. R. M. De J, A. H. M. |
| description | A vintage model is presented that takes investment as exogenous. The model is intended to provide the capacity block of the Central Planning Bureau (CPB) long-term simulation model currently being formulated. Data are derived from: 1. a CPB Dutch annual model, and 2. energy statistics from European Economic Community and CPB energy balances. The model is estimated for 1960-1982. The model is made up of a putty-clay production function with labor, capital, and energy as inputs; optimal factor ratios are determined by cost minimization over a planning period. Embodied and disembodied technical progress have been partially endogenized, and potentially profitable equipment may be scrapped due to prolonged excess capacity. Energy and capital are found to be somewhat complementary. Embodied technical progress is found to be labor augmenting only; disembodied technical progress is found to be both labor and energy augmenting. |
| doi_str_mv | 10.1007/BF01676023 |
| format | Article |
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M. M.</au><au>Wennekers, A. R. M.</au><au>De J, A. H. M.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>A putty-clay model with three factors of production and partly endogenous technical progress</atitle><jtitle>De Economist (Netherlands)</jtitle><date>1985-01-01</date><risdate>1985</risdate><volume>133</volume><issue>3</issue><spage>327</spage><epage>351</epage><pages>327-351</pages><issn>0013-063X</issn><eissn>1572-9982</eissn><abstract>A vintage model is presented that takes investment as exogenous. The model is intended to provide the capacity block of the Central Planning Bureau (CPB) long-term simulation model currently being formulated. Data are derived from: 1. a CPB Dutch annual model, and 2. energy statistics from European Economic Community and CPB energy balances. The model is estimated for 1960-1982. The model is made up of a putty-clay production function with labor, capital, and energy as inputs; optimal factor ratios are determined by cost minimization over a planning period. Embodied and disembodied technical progress have been partially endogenized, and potentially profitable equipment may be scrapped due to prolonged excess capacity. Energy and capital are found to be somewhat complementary. Embodied technical progress is found to be labor augmenting only; disembodied technical progress is found to be both labor and energy augmenting.</abstract><cop>Leiden</cop><pub>H. E. Stenfert Kroese</pub><doi>10.1007/BF01676023</doi><tpages>25</tpages></addata></record> |
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| ispartof | De Economist (Netherlands), 1985-01, Vol.133 (3), p.327-351 |
| issn | 0013-063X 1572-9982 |
| language | eng |
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| source | PAIS Index; SpringerNature Journals; Periodicals Index Online; EBSCOhost Business Source Complete |
| subjects | Capacity Economic growth Economic models Economic policy Economic theory Investments Mathematical analysis Productivity Simulation Statistical analysis |
| title | A putty-clay model with three factors of production and partly endogenous technical progress |
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